Visa Finds Even $200 Billion Can’t Resolve Battle With Merchants

Nine years ago, the $5.7 billion sticker price to settle one of the biggest class-action lawsuits ever was rejected. Last year, it climbed to $30 billion, just to be thrown out again. Now, it’s north of $200 billion, and there’s growing doubt even that will be enough to end two decades of fighting.

Visa Inc. and Mastercard Inc. this month took yet another swing at a deal that seeks to end a battle with thousands of retailers — and reshape the fees underpinning the credit-card industry in the process. Yet opposition is already pouring in from merchants and lawmakers. ...